Discount retailer B&M said shoppers have been seeking lowest possible prices for certain goods during the cost-of-living crisis, sending sales up to reach nearly £5 billion.
In his chief executive’s review Alejandro Russo said delivering strong results has in part been helped by “laser like focus on price and value for money”. He added: “Many consumer trends favour B&M, including trading down.”
The FTSE 100 company which sells products from a large range of categories, including food, garden furniture and toys, has also seen revenue boosted by strong demand for seasonal collections such as Easter and most recently the Coronation.
Group sales in the year to March 25 rose 6.6%. Pre-tax profit was 17% lower at £436 million as trading returned to more normal levels following bumper demand during the pandemic.
The firm, which also works in France and has Heron Foods shops, has 707 B&M stores in the UK, with sites in Tottenham, Colindale and Peckham among its London branches.
The company said in the first 9 weeks of the new financial year B&M UK like for like sales are up 8.3%, and France and Heron continue their trading momentum. It expects full year profits to be ahead of last year.
Shares in B&M European Value Retail rose 6%, or 28.59p, to 500.49p.
